High beta stocks are on the move today, and not in the good direction for longs. Salesforce.com, inc. (NYSE:CRM) is also seeing red as there is news of some insiders selling in recent days. The stock had been down well over 3% earlier and this is coming on the heels of a decent decline on Friday. As a pro trader I look at the chart and I see a potential entry point to go long Salesforce.com, inc. (NYSE:CRM) for a quick bounce to snatch profits. The level I have zeroed in on is $55.75. This level is slightly below the moving averages and there is a gap which looks like it wants to be filled. I will be looking out for this to happen tomorrow as there is a proprietary time count I am watching for, which will also increase the odds of the bounce. If Salesforce does not get to this level tomorrow then I will look for an entry point somewhere near the bottom of this channel which I have drawn out for you on the chart below. Have this chart on your radar for tomorrow and get ready to pocket some quick cash.
High volatility stocks are taking a beating today as many are looking to reduce risk. The Federal Reserve will release their FOMC Policy Statement on Wednesday at 2pm ET and Scotland will be voting on its independence on Thursday. There is worry and an expectation that the Federal Reserve will adjust their language to insinuate an interest rate hike is closer than the market is expecting. Should the Scotland vote for independence pass, it will make waves in the currency and debt markets. With markets near all-time highs, smart traders are selling high beta names like Netflix, Inc. (NASDAQ:NFLX), Twitter Inc (NYSE:TWTR), Facebook Inc (NASDAQ:FB).
Facebook Inc. (NASDAQ:FB) has had a solid run over the past year as one of the Nasdaq market leaders. However, today FB is showing good weakness on the charts as traders appear to be taking profits ahead of an expected volatile week in the markets. Facebook Inc. (NASDAQ:FB) had a nice intraday bounce off the trend line you see below. Now, if this line breaks on an hourly chart, the stock could have a nice sell off into the $71.50 level. Take note of the chart, get ready for the trade…
This morning, the leading tech stock Microsoft Corp (NASDAQ:MSFT) confirmed that they would be buying software company Mojang AB for $2.5 billion. Mojang AB is the company that brought the popular Minecraft video game to market. Microsoft Corp is hoping to boost its Xbox video game console with the acquisition. Today, Microsoft Corp stock is trading lower by 0.34 cents to $46.36 a share. Day traders should watch for solid intra-day support around the $45.90 area. This is a level where the stock is likely to stage a bounce today.
Note this head and shoulder pattern on GoPro Inc. When it breaks the upsloping trend line, the stock should flush to a calculated target of $62.00 within days. It is right on the line now, the key is to watch for it to break. This is a classic bearish pattern.
Restoration Hardware Holdings Inc (NYSE:RH) reported earnings on Thursday, which were received with mixed feelings. The company came out with weaker sales numbers and more importantly weaker guidance. With such a downbeat report, one would think that this stock would have sold off more than the 2% that it did. However, it held a key level which could only be seen by the trained eye of a technical trader, like myself. The $78.75 “gap window” level was defended, even though Restoration Hardware Holdings Inc (NYSE:RH) shares traded as low as $78.02. While this may be a short term sign of strength, I will look lower for an entry to take a long trade. The level which will give traders a great money making opportunity is around the $71.35 area. This is not only where the daily chart 200ma resides, but this is also the area where Restoration Hardware Holdings Inc (NYSE:RH) broke out to new highs. Have this chart on your watch list and profit like a pro.
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